New York § 504 Early purchase option

New York Statutes

§ 504 — Early purchase option

New York § 504

Law PEPPersonal Property

Art. 11Rental Purchase Agreements

This text of New York § 504 (Early purchase option) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Personal Property § 504 (2026).

Text

§ 504. Early purchase option.

1.The consumer has the right to acquire\nownership of the merchandise at any time by tendering to the merchant\nall past due payments and fees and an amount equal to the cash price\nstated in the rental-purchase agreement multiplied by a fraction that\nhas as its numerator the number of periodic payments remaining under the\nagreement and that has as its denominator the total number of periodic\npayments. A consumer must affirmatively elect to exercise an early\npurchase option. In no event shall the consumer's early purchase option\nbe less than the amount of one periodic payment.\n 2. In a clear and conspicuous manner on the consumer's receipt for\nevery periodic payment, the merchant shall, in connection with a\nconsumer's rights under this section, pro

Free access — add to your briefcase to read the full text and ask questions with AI

§ 504. Early purchase option. 1. The consumer has the right to acquire\nownership of the merchandise at any time by tendering to the merchant\nall past due payments and fees and an amount equal to the cash price\nstated in the rental-purchase agreement multiplied by a fraction that\nhas as its numerator the number of periodic payments remaining under the\nagreement and that has as its denominator the total number of periodic\npayments. A consumer must affirmatively elect to exercise an early\npurchase option. In no event shall the consumer's early purchase option\nbe less than the amount of one periodic payment.\n 2. In a clear and conspicuous manner on the consumer's receipt for\nevery periodic payment, the merchant shall, in connection with a\nconsumer's rights under this section, provide the consumer with a\nwritten statement of:\n (a) the total amount the consumer would have to pay to acquire\nownership of the rental merchandise if the consumer makes all regularly\nscheduled payments remaining under the rental-purchase agreement; and\n (b) the total amount the consumer would have to pay to acquire\nownership of that merchandise pursuant to subdivision one of this\nsection.\n